The MGM Resorts International (MGM) Receives Buy Rating from Nomura

The MGM Resorts International (MGM) Receives Buy Rating from Nomura

MGM Resorts International (NYSE:MGM)‘s stock had its “buy” rating reaffirmed by research analysts at Nomura in a research report issued to clients and investors on Wednesday. They currently have a $32.00 price target on the stock, up from their previous price target of $28.00.

Other equities research analysts also recently issued research reports about the company. Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Tuesday, July 26th. Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday, September 9th. Deutsche Bank AG reaffirmed a “buy” rating and set a $29.00 target price on shares of MGM Resorts International in a report on Friday, June 17th. Buckingham Research assumed coverage on MGM Resorts International in a report on Thursday, August 11th. They set a “buy” rating and a $31.00 target price for the company. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday, June 17th. One analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and an average price target of C$28.17.

Shares of MGM Resorts International (NYSE:MGM) traded down 1.42% during midday trading on Wednesday, reaching $26.42. 3,767,315 shares of the company’s stock were exchanged. The company’s 50-day moving average is $25.09 and its 200-day moving average is $23.48. The stock’s market cap is $14.94 billion. MGM Resorts International has a one year low of $16.18 and a one year high of $27.04.

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MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.02. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the previous year, the firm posted $0.19 EPS. MGM Resorts International’s revenue was down 4.8% on a year-over-year basis. Equities analysts expect that MGM Resorts International will post $0.67 earnings per share for the current fiscal year.

In other news, EVP John Mcmanus sold 12,363 shares of the company’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of C$24.44, for a total value of C$302,151.72. Following the transaction, the executive vice president now owns 40,071 shares of the company’s stock, valued at approximately C$979,335.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alexis Herman sold 2,391 shares of the company’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of C$24.66, for a total value of C$58,962.06. Following the completion of the transaction, the director now directly owns 24,511 shares in the company, valued at approximately C$604,441.26. The disclosure for this sale can be found here. 16.90% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of MGM Resorts International by 2.2% in the first quarter. State Street Corp now owns 7,836,892 shares of the company’s stock valued at $168,028,000 after buying an additional 168,059 shares during the period. Cupps Capital Management LLC raised its position in shares of MGM Resorts International by 193.0% in the first quarter. Cupps Capital Management LLC now owns 52,315 shares of the company’s stock valued at $1,121,000 after buying an additional 34,460 shares during the period. BB&T Securities LLC raised its position in shares of MGM Resorts International by 2.8% in the first quarter. BB&T Securities LLC now owns 61,450 shares of the company’s stock valued at $1,317,000 after buying an additional 1,675 shares during the period. Credit Agricole S A raised its position in shares of MGM Resorts International by 67.7% in the first quarter. Credit Agricole S A now owns 91,528 shares of the company’s stock valued at $1,963,000 after buying an additional 36,959 shares during the period. Finally, Aviva PLC raised its position in shares of MGM Resorts International by 2.0% in the first quarter. Aviva PLC now owns 229,968 shares of the company’s stock valued at $4,931,000 after buying an additional 4,461 shares during the period. 71.23% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

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